Northrop Grumman Corporation (NOC) Lifted to “Buy” at Zacks Investment Research
Northrop Grumman Corporation (NYSE:NOC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm presently has a $309.00 target price on the aerospace company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.34% from the company’s current price.
According to Zacks, “As one of the top largest U.S. defense contractors, Northrop continues to enjoy strong presence in Air Force, Space & Cyber Security programs. Moreover, its product innovation and focus on strengthening its ISR wing will help maintain a stable earnings stream amid the rapidly changing needs of the defense landscape. The company maintains a strong balance sheet and steady cash flow that offer substantial financial flexibility. To this end, apart from paying solid dividends to its shareholders, Northrop also follows a share buyback policy to maintain a disciplined cash deployment strategy. Also, recent budgetary amendments made by the Trump administration have been in favor of defense biggies like Northrop. However, too much dependence on fixed-price contracts remains a concern for the stock.”
A number of other analysts also recently issued reports on NOC. Jefferies Group LLC reiterated a “hold” rating and issued a $243.00 price target on shares of Northrop Grumman Corporation in a report on Wednesday, June 21st. Cowen and Company reiterated a “hold” rating and issued a $275.00 price target on shares of Northrop Grumman Corporation in a report on Monday, July 17th. Stifel Nicolaus reiterated a “hold” rating and issued a $255.00 price target (up from $245.00) on shares of Northrop Grumman Corporation in a report on Thursday, July 27th. Deutsche Bank AG reiterated a “buy” rating and issued a $285.00 price target (up from $275.00) on shares of Northrop Grumman Corporation in a report on Thursday, July 27th. Finally, BidaskClub downgraded shares of Northrop Grumman Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Six equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $272.01.
Northrop Grumman Corporation (NYSE NOC) traded up 0.61% on Wednesday, hitting $280.04. 1,067,992 shares of the stock traded hands. The stock has a market cap of $48.75 billion, a price-to-earnings ratio of 21.39 and a beta of 0.66. The company’s 50 day moving average price is $269.39 and its 200-day moving average price is $255.59. Northrop Grumman Corporation has a 52-week low of $210.60 and a 52-week high of $281.57.
Northrop Grumman Corporation (NYSE:NOC) last announced its quarterly earnings results on Wednesday, July 26th. The aerospace company reported $3.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $0.31. The company had revenue of $6.38 billion for the quarter, compared to the consensus estimate of $6.21 billion. Northrop Grumman Corporation had a net margin of 9.20% and a return on equity of 39.22%. Northrop Grumman Corporation’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.85 EPS. On average, analysts forecast that Northrop Grumman Corporation will post $12.55 earnings per share for the current fiscal year.
In other Northrop Grumman Corporation news, VP Lisa R. Davis sold 367 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $263.25, for a total value of $96,612.75. Following the completion of the sale, the vice president now directly owns 961 shares of the company’s stock, valued at approximately $252,983.25. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.70% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. M Holdings Securities Inc. purchased a new stake in Northrop Grumman Corporation in the 2nd quarter valued at about $320,000. Griffin Asset Management Inc. purchased a new stake in Northrop Grumman Corporation in the 2nd quarter valued at about $1,452,000. WFG Advisors LP boosted its position in Northrop Grumman Corporation by 4.9% in the 2nd quarter. WFG Advisors LP now owns 594 shares of the aerospace company’s stock valued at $152,000 after buying an additional 28 shares during the period. Toronto Dominion Bank boosted its position in Northrop Grumman Corporation by 25.2% in the 2nd quarter. Toronto Dominion Bank now owns 59,532 shares of the aerospace company’s stock valued at $15,280,000 after buying an additional 11,991 shares during the period. Finally, Cetera Investment Advisers boosted its position in Northrop Grumman Corporation by 0.8% in the 2nd quarter. Cetera Investment Advisers now owns 1,278 shares of the aerospace company’s stock valued at $328,000 after buying an additional 10 shares during the period. 81.37% of the stock is owned by institutional investors.
Northrop Grumman Corporation Company Profile
Northrop Grumman Corporation is a global security company. The Company provides products, systems and solutions in autonomous systems; cyber; command, control, communications and computers, intelligence, surveillance and reconnaissance (C4ISR); strike, and logistics and modernization. The Company’s segments include Aerospace Systems, Mission Systems and Technology Services.
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